Please be aware that your Roth IRA contribution might be limited based on your filing status and income. Please see 2018 - Amount of Roth IRA Contributions You Can Make for 2018 for more details.
For 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:
- $5,500 ($6,500 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
If you had excess contributions because of the limitation then excess contributions are taxed at 6% per year as long as the excess amounts remain in the IRA. To avoid the excess contributions tax:
- withdraw the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
- withdraw any income earned on the excess contribution.
